January canola is up $6.70 per metric ton (mt), Dec soybean oil is up .97 cents per pound, February European rapeseed is down .75 euros per mt and December Malaysian palm oil is up .41%. Dec oats are up 2 3/4 cents per bushel. December crude oil is up $.45 per barrel, December ULSD is up $.0269 per gallon, and the December Canadian dollar is down .00210 at .71305. The December U.S. Dollar Index is up .005 at 99.635 and the December Brazilian real is up .00075 at 0.18545.

Soybean oil was finally able to attract buying interest, resulting in a sharp reversal higher after being lower overnight. That has helped canola regain upward momentum, climbing back above $640/mt again. The gains being extended in soybeans certainly help now that the White House has officially confirmed the China trade deal details. Following a huge rally in soybean meal in October, it is finally pulling back, allowing soybean oil to play catchup.

Corn is only marginally higher despite stellar export inspections out Monday morning of 1.669 million metric tons (mmt). That was within the (wide) range of estimates but well above last week's 1.242 mmt and last year's 800,200 mt. It leaves shipments-to-date at 64% ahead of last year while the USDA is expecting an annual increase of just 5%. Wheat inspections were very respectable at 350,300 mt, up from 269,400 mt last week and 217,600 mt last year. To date, shipments of wheat are 21% ahead of last year while the USDA is expecting a 16% annual increase. To round it out, soybean inspections came in at 965,000 mt compared to 1.16 mmt last week and 2.313 mmt last year. That puts year-to-date totals trailing last year by -40% with the USDA expecting an annual decline of 10%. With the China trade deal just starting to result in sales, the gap should narrow in the months ahead.

In outside markets, Treasuries, equities and currencies are all mixed while energy markets have turned higher. The pause on production quota increases for the first three months of 2026 that was announced by OPEC+ over the weekend is likely behind the strength seen there.

(c) Copyright 2025 DTN, LLC. All rights reserved.